Before canceling, it’s worth it to look at how much money you’re saving each year by using the Amex Platinum card, which recently raised its annual fee to $895. - Getty Images/iStockphoto Dear Dollar Signs, American Express AXP recently hiked the annual fee for its Platinum card to $895. I’ve had the card for five years, but I want to cancel. However, as I understand it, closing a credit card would hurt my credit score. I am 40 years old, I earned $298,000 last year, and I’m in a very unique life situat ...